NOTE 8 – SUBSEQUENT EVENTS

On April 5, 2017, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with various purchasers set forth on the signatures pages thereto (the “Purchasers”). Pursuant to the Securities Purchase Agreement, the Company agreed to issue and sell to the Purchasers in a registered offering an aggregate of 20,250,032 shares of its common stock, together with warrants (“Warrants”) exercisable for up to an aggregate of 14,175,059 shares of its common stock. The Warrants have an exercise price of $1.00 per share, will be immediately exercisable and expire on the five year anniversary of the date of issuance. Following the one year anniversary of the date the Warrants are issued, the holders of the Warrants may exercise the Warrants through a cashless exercise, in whole or in part. The public offering closed on April 10, 2017 and the Company received net proceeds of approximately $12.7 million, after deducting placement agent fees and offering expenses payable by the Company, but excluding the proceeds, if any, from the exercise of the Warrants issued in the offering.